Aviva Marketing Strategy 2024: A Case Study

Aviva, a leading British multinational insurance company, has gained recognition for its successful marketing strategies and strong digital presence. In this case study, we will delve into Aviva’s marketing approach and explore the key elements that have contributed to their success.

Key Takeaways:

• Aviva has approximately 18 million customers across the UK, Ireland, and Canada, demonstrating its market recognition and success in these regions.
• Aviva is the largest general insurer in the UK, showcasing its dominance in the insurance sector in that market.
• With over 500,000 followers on Facebook, over 300,000 followers on Twitter, and over 200,000 followers on Instagram, Aviva has established a strong social media presence and the ability to engage with a wide audience.
• Aviva’s “Hello Life, Hello Aviva” campaign successfully resonated with millennials by emphasizing preparedness and confidence, capturing the attention of this demographic.
• Aviva implemented marketing campaigns aimed at promoting retirement plans and policies to older audiences through various channels, including television ads, press ads, and online strategies.
• Aviva leverages social media platforms like Facebook, Twitter, and Instagram to engage with customers, share updates, and offer promotions, showcasing a proactive social media marketing approach.
• Aviva’s social media strategy involves creating valuable content to educate the audience about insurance, financial planning, and protection, positioning the company as a trusted industry resource.
• Aviva CEO Amanda Blanc announced a successful strategy to deliver eight international divestments in just over 12 months, generating over £5bn in cash for Aviva.

Aviva’s marketing success can be attributed to a combination of innovative digital marketing solutions, strategic advertising methods, and market analysis techniques. They have effectively utilized brand promotion tactics and online visibility strategies to reach their target audience and enhance customer acquisition. Aviva’s strong social media engagement approaches, SEO optimization methods, and comprehensive market research have further contributed to their success in the insurance industry.

About Aviva – Company Overview

Aviva is a British multinational insurance company with its headquarters in the UK. As a leading player in the insurance industry, Aviva has a strong presence both domestically and internationally. The company has an extensive customer base, serving approximately 19.2 million individuals across the UK, Ireland, and Canada as of December 31, 2023.

Aviva is not only the largest general insurer in the UK but also holds a significant market share of 23% in the UK life insurance market. It ranks as the third-largest general insurer in Ireland and holds the number two position in property and casualty insurance in Canada with approximately 8% market share.

With its listing on the London Stock Exchange and inclusion in the FTSE 100 Index, Aviva demonstrates its financial strength and stability. The company has continuously achieved growth and success, offering a wide range of insurance products and financial solutions to its diverse customer base.

Aviva’s commitment to customer service is evident through its number one rankings for trust, consideration, and awareness among customers. The company prioritizes customer-focused momentum, ensuring that its offerings meet the evolving needs of its clients.

In addition to its general insurance offerings, Aviva is a major player in the pensions and investments sector. Aviva Investors, the company’s investment arm, manages an impressive £233 billion in assets as of March 31, 2024. The company’s expertise in the investments sector has contributed to its continuous growth and expansion.

Aviva’s presence extends beyond the UK, Ireland, and Canada. The company has operations in China and India, offering insurance and savings products to customers in these markets.

Aviva’s dedication to growth and innovation is highlighted by its strategic acquisitions and divestments. The acquisition of AIG UK Protection portfolio has enabled Aviva to acquire 2.5 million new customers. Additionally, acquisitions such as Optiom in Canada and Probitas in the UK have strengthened Aviva’s position in the specialty lines business and UK general insurance market, respectively.

By actively exploring new growth opportunities, such as its presence in Lloyd’s market and international divestment projects, Aviva continues to position itself as a forward-thinking and influential player in the insurance industry.

To showcase its commitment to social responsibility, Aviva has raised over £1.5 million for establishing and running a new education and community space for children and young people in Westfield. Furthermore, Aviva Investors’ partnership with Packaged Living has supported the creation of nearly 1,000 homes across seven developments, contributing to sustainable housing solutions.

With its impressive track record, strong customer base, and continuous growth, Aviva stands as a leading force in the insurance industry, providing comprehensive insurance coverage, financial solutions, and excellent customer service.

Aviva’s Target Audience and Digital Presence

Aviva, a leading insurance company, caters to a diverse range of customers with its wide array of tailored insurance and financial products. With over 53 million customers across 28 countries, Aviva has established itself as a global insurance provider, ranking as the 5th largest insurance company globally and the largest in the UK. Aviva India, operating as a joint venture with Dabur Group, competes with industry giants like LIC, Max Life Insurance, and Bajaj Allianz in the Indian market.

Aviva takes a customer-centric approach by segmenting its offerings to target specific needs and preferences. They offer various insurance products, including life insurance, investments, retirement, and health coverage. This segmentation allows Aviva to position itself as a comprehensive provider that meets diverse customer demands.

One of Aviva’s notable strengths lies in its digital presence and engagement with customers. The company recognizes the importance of leveraging social media platforms like Facebook, Twitter, and Instagram to connect with their audience effectively. Through these platforms, Aviva promotes its services, engages in meaningful interactions, and creates brand awareness among its target audience.

Aviva also focuses on optimizing its online presence, ensuring high visibility on search engine results pages. By employing effective search engine optimization (SEO) strategies, Aviva enhances its online visibility and attracts potential customers who actively search for insurance and financial services.

In addition to their social media and online presence, Aviva utilizes a multi-channel distribution approach, collaborating with independent financial advisors, brokers, and engaging in direct sales. This approach enables Aviva to reach customers through various channels and provide personalized services.

Aviva’s Commitment to Customers

Aviva’s commitment to their target audience is evident in their efforts to continuously improve their services and strengthen customer relationships. They adjust their pricing strategy dynamically, responding to regulatory changes and market dynamics, to offer competitive and attractive insurance premiums.

Furthermore, Aviva’s claim settlement ratio of 83.07% in 2014-2015 showcases its commitment to delivering value to its customers. While Aviva’s claim settlement ratio falls slightly behind that of LIC in India, which stands at 97.73%, Aviva’s room for improvement in customer conversion rates is apparent.

Aviva also engages in corporate social responsibility initiatives aimed at education, demonstrating its dedication to making a positive impact on society. The company promotes its services through brand ambassadors like Sachin Tendulkar, further establishing a strong brand presence and association with trustworthiness and reliability.

In conclusion, Aviva’s diverse range of customers, strategic segmentation, robust digital presence, and commitment to customer satisfaction position it as a trusted and customer-centric insurance company. Their multi-channel distribution approach, online visibility, and optimized website contribute to Aviva’s success in reaching and serving its target audience effectively.

Aviva’s Social Media Presence

Aviva, with its global presence and extensive customer base of over 33 million, has recognized the power of social media in reaching and engaging with its target audience. Leveraging platforms such as Facebook, Twitter, and Instagram, Aviva has established an active online presence and cultivated a community of loyal followers.

With a focus on providing valuable insights, Aviva keeps its followers updated with informative content about insurance, investments, and retirement planning. They go beyond promotional materials, offering educational resources that empower customers to make informed decisions. This approach not only positions Aviva as a trusted industry authority but also fosters meaningful conversations and brand loyalty.

Aviva’s social media campaigns are designed to drive engagement and address customer queries. By actively listening and responding to customer feedback and concerns, Aviva strengthens trust and builds lasting relationships. Through their social media presence, Aviva continuously gathers valuable insights, enabling them to better understand their customers’ needs and preferences.

In addition, Aviva’s social media strategy includes special promotions and collaborations with media partners like Vice, Buzzfeed, and AOL. This multi-channel approach ensures that Aviva reaches a wide range of audiences, maximizing their exposure and impact in the digital landscape.

Aviva’s social media engagement strategy aligns with industry best practices. By striking a balance between owned, curated, and self-promotional content, they keep their audience engaged and interested. This approach ensures that Aviva’s social media presence remains informative, interactive, and relevant to their followers.

In a world where trust and brand loyalty are increasingly important, Aviva’s social media presence stands out as a testament to their commitment to customer-centricity. Through meaningful conversations, informative content, and valuable insights, Aviva continues to foster a vibrant online community.

Aviva’s Marketing Campaigns

Aviva has implemented a series of innovative and impactful marketing campaigns to effectively engage their target audience and build brand awareness. These campaigns encompass a range of strategies and channels, including television ads, press ads, and online marketing strategies, to reach a diverse audience and deliver comprehensive, tailored solutions.

One notable campaign by Aviva involved the creation of five 20-second interactive ‘virtual puzzle’ ads, in collaboration with ITV Creative, that were featured during popular game shows such as Tipping Point and The Chase. These ads not only entertained viewers but also encouraged audience participation from the comfort of their homes. The ‘virtual puzzle’ ads officially aired on 2nd September and ran until 31st October 2023, successfully engaging Aviva’s core audience through entertaining puzzles.

This puzzle partnership with ITV was built upon the success of Aviva’s previous ‘Make It Click’ campaign, which focused on the complexities of finances and how Aviva can assist in resolving financial puzzles. This foundation effectively laid the groundwork for the virtual puzzle ads to resonate with Aviva’s target audience and reinforce the brand’s commitment to addressing their challenges and unexpected surprises.

Aviva’s marketing strategy was strengthened through the partnership with Publicis Media, an expert in strategy, planning, management, and measurement. Publicis Media utilized their proprietary tool named Right Reach to identify impactful reach and optimize the effectiveness of the ‘virtual puzzle’ ad campaign. This collaboration ensured that Aviva’s marketing efforts achieved maximum brand awareness and engagement.

One of Aviva’s key objectives in their marketing campaigns is to enhance customer satisfaction by providing innovative and relevant campaigns. Phoebe Barter, Group Brand Director at Aviva, expressed enthusiasm for the partnership with ITV, emphasizing the alignment of Aviva’s brand platform, ‘Make it Click,’ with the virtual puzzle ads and the entertainment provided by ITV’s gameshow programming. This alignment ensures that Aviva’s marketing campaigns are not only engaging but also resonate with their target audience.

Aviva’s marketing campaigns have also garnered the attention of industry experts and stakeholders. Mark Trinder, Director of Commercial Sales and Partnerships at ITV, highlighted the significance of engaging ITV’s audience through creative concepts linked with programming. This approach ensures that Aviva’s campaigns reach a broad audience and contribute to brand awareness.

Aviva’s Successful Integration of Teradata Integrated Marketing Cloud

In addition to their collaboration with ITV and Publicis Media, Aviva has leveraged the power of the Teradata Integrated Marketing Cloud to achieve tangible results in their marketing campaigns. The implementation of the Teradata Integrated Marketing Cloud has led to a 15% growth in campaign ROI for Aviva. This substantial increase demonstrates the effectiveness of leveraging data-driven strategies to optimize marketing efforts.

The Teradata Integrated Marketing Cloud has also significantly increased Aviva’s campaign execution efficiency. Each delivery team member has been able to increase campaign throughput by 10-15%, resulting in improved productivity and faster time to market for Aviva’s marketing initiatives.

Aviva’s marketing campaigns have evolved to provide more personalized and tailored experiences for individual customers. Each campaign now includes multiple steps with four to five interactions with customers, allowing Aviva to enhance message relevancy and drive engagement.

Aviva has achieved one of the highest retention rates in the insurance industry by utilizing Teradata Customer Interaction Manager. This tool enables Aviva to deliver personalized and targeted communications to customers, fostering stronger relationships and ensuring customer satisfaction throughout their journey.

The implementation of Teradata Marketing Operations has also brought significant benefits to Aviva. It has saved time and effort during regulatory reviews, eliminating any risk of fines from the Financial Conduct Authority. This streamlined process has allowed Aviva to focus on delivering innovative and impactful marketing campaigns without compromising compliance.

Overall, the integration of the Teradata Integrated Marketing Cloud has provided Aviva with more efficient marketing processes and actionable customer insights. Aviva can now make informed, data-driven decisions, resulting in increased marketing agility and more meaningful interactions with their target audience.

Aviva’s Social Media Marketing

Aviva recognizes the immense potential of social media marketing in connecting with customers and promoting their brand worldwide. With over 16 million customers and a diverse demographic spectrum, Aviva leverages social media platforms such as Facebook, Twitter, and Instagram to engage with their audience on a global basis.

Their social media strategy focuses on customer engagement, ensuring that every interaction reflects the brand’s look and feel. Aviva provides valuable content related to insurance, financial planning, and staying protected, positioning themselves as a trusted source of knowledge within the industry.

Through their digital activity, Aviva has achieved remarkable results. For instance, their Aviva Drive app experienced a 70% increase in downloads just four weeks after the campaign launch. Additionally, the company witnessed a 16% increase in quotes and an 8% increase in sales year-on-year.

Aviva’s social media campaigns have also generated impressive numbers. A motor campaign on Facebook garnered around two million genuine views, while key social channels generated approximately 200,000 unique conversations. These campaigns have not only improved spontaneous awareness of the Aviva brand but have also generated positive social sentiment that exceeded expectations.

To enhance their social media marketing efforts, Aviva has invested in recruiting a senior leader for social and digital marketing. They prioritize various social channels based on the preferences of different customer segments, ensuring targeted and effective engagement. Aviva also responds to every social conversation as part of their new operational model for feedback, centralizing one-to-one customer communications for a consistent brand experience.

Aviva faces challenges in bringing their brand positioning strategy, “Good Thinking,” to life and transforming the engagement model in the financial services industry. However, the company is focused on leveraging data to provide even more value to customers, building enduring relationships through a “digital first” approach.

Through their effective social media marketing efforts, Aviva continues to build relationships with customers and establish themselves as a trusted provider in the insurance industry. By embracing a “digital first” approach and delivering valuable content, they enhance customer engagement and strengthen their brand presence online.

Aviva’s International Divestment Project

As part of its ongoing transformation and growth strategy, Aviva has undertaken an international divestment project to generate cash and streamline its portfolio of businesses. These divestments involve the sale of certain assets and business units, allowing Aviva to focus on its core operations and maximize shareholder value.

The international divestment project required careful planning, strategic advice, and project management to ensure the successful execution of each transaction. Aviva sought expert guidance and engaged in negotiations to optimize the value of the divested assets and secure favorable terms.

Aviva’s divestment process involved rigorous scrutiny of potential buyers and conducted competitive auctions to achieve the best possible outcomes. This approach not only generated substantial cash inflows but also provided Aviva with the opportunity to evaluate and reshape its portfolio of regulated businesses.

Throughout the divestment project, Aviva relied on its long-standing relationships with trusted legal advisors who provided local expertise and guidance. Aviva’s legal partners played a crucial role in navigating complex regulatory requirements, ensuring compliance, and providing essential advice on local legal matters.

The international divestment project is a testament to Aviva’s commitment to strategic decision-making and its dedication to optimizing its operations. By divesting non-core businesses and assets, Aviva can focus on strengthening its core businesses while unlocking value for its shareholders. The proceeds from the divestments will be considered within Aviva’s capital management framework for reinvestment, potential mergers and acquisitions, or additional returns to shareholders.

Aviva’s international divestment project reflects its proactive approach to driving growth, optimizing its portfolio, and enhancing shareholder value. Through careful planning, strategic advice, project management, and strong negotiations, Aviva has successfully executed its divestment strategy, positioning the company for continued success in the future.

Note: The image above depicts the concept of international divestment and is for illustrative purposes only.

Aviva Investors’ Digital Transformation

Aviva Investors, a global asset management company, is embracing digital transformation to stay ahead in the ever-evolving financial landscape. Recognizing the power of integration, collaboration, and innovation, Aviva Investors has embarked on a digital-first approach to enhance its client-centric services and drive engagement in the digital realm.

With an estimated annual ICT spending of $506.5 million in 2023, Aviva Investors is investing in various technology functions, including Data Center, Communications, Network, Applications, End-user Computing, Management, and ICT Service Desk. These investments form the foundation for Aviva’s digital transformation journey, enabling smarter workflows and efficient processes.

One highlight of Aviva Investors’ digital transformation is their strategic partnership with Jellyfish, a leading digital marketing agency. Through this collaboration, Aviva Investors is leveraging Jellyfish’s expertise to develop and execute creative and impactful digital strategies that resonate with their target audience.

Aviva Investors’ digital-first approach is driven by a focus on engagement and harnessing the power of digital technologies. By embracing themes like AI, Big Data, Insurtech, and Regtech, Aviva Investors aims to enhance its asset management capabilities and deliver personalized solutions to clients.

A shining example of Aviva Investors’ integration of AI is their partnership with Tractable in 2022. Together, they enhanced motor claim processing efficiency using AI, streamlining the claims process and improving customer service.

Aviva Investors doesn’t limit its digital transformation to internal initiatives. They actively collaborate with partners in the Insurtech & Fintech ecosystem, such as Aviva Ventures, their corporate venture capital fund. Aviva Ventures explores transformative technologies and trends in the insurance industry, making investments in companies like Owlstone, Shepper, and Carpe Data.

As part of its commitment to innovation and collaboration, Aviva Investors conducted the Aviva Hackathon in 2023, partnering with Amazon Web Services and Tata Consulting Services. This event allowed Aviva Investors to tap into fresh ideas beyond the hackathon, with a focus on customer impact.

Nathan Garlic from Amazon Web Services played a key role in nurturing the relationship with Aviva Investors, emphasizing their commitment to supporting ideas that drive innovation and deliver value to customers.

An Innovative Idea: AutoClaim

One of the most impactful outcomes of the Aviva Hackathon was the winning idea, AutoClaim. This innovative concept addressed a genuine customer need to improve customer service and transform the insurance business. AutoClaim leveraged AI and automation to streamline the claims process, offering customers a seamless and efficient experience.

Aviva Investors’ digital transformation journey is not limited to technology investments and partnerships alone. It is deeply ingrained in their culture of innovation and adaptability. Aviva Investors actively supports disruptive ideas and technologies, fostering a collaborative ecosystem that drives continuous improvement and customer-centric solutions.

The digital revolution in the asset management industry is unstoppable, and Aviva Investors is at the forefront of this transformation. By embracing a digital-first business model, Aviva Investors is set to revolutionize the way asset management companies engage with clients, deliver innovative solutions, and navigate the dynamic landscape of the financial world.

Results and Recognitions – Aviva Investors and Jellyfish

Aviva Investors, in collaboration with Jellyfish, has achieved outstanding results and garnered recognition for their innovative strategies and initiatives.

One of their notable accomplishments is the development of an award-winning global website that prioritizes user experience. By optimizing internal processes and implementing cutting-edge design, Aviva Investors and Jellyfish have created a website that provides seamless navigation and engaging content for visitors.

Through their creative campaigns, Aviva Investors and Jellyfish have successfully increased customer engagement and strengthened brand recognition. By employing data-driven insights and leveraging their expertise, they have crafted compelling marketing materials that resonate with their target audience.

The partnership between Aviva Investors and Jellyfish has not gone unnoticed. Their efforts have been rewarded with industry accolades and recognition for their exceptional performance. These awards and achievements are a testament to their dedication and commitment to delivering outstanding results.

By leveraging the expertise of Jellyfish, Aviva Investors has been able to enhance their digital presence and elevate their marketing strategies. With Jellyfish’s extensive experience in Salesforce, Google, Meta, and Amazon Ads consulting, they have strengthened their online visibility and effectively reached their target audience.

Aviva Investors and Jellyfish have also proven their capabilities in optimizing advertising campaigns through platforms like LinkedIn. With Jellyfish’s expertise in LinkedIn Ads services, Aviva Investors has achieved impressive returns on investment, boasting an average 4.5X ROI for their clients. This demonstrates their ability to generate tangible results through strategic advertising campaigns.

In addition to their successes, Aviva Investors and Jellyfish have built a strong reputation in the industry, earning the trust of renowned clients. Their client portfolio includes major brands such as Casper, Lord & Taylor, MyFitnessPal, Samsung, Carnival Cruise Lines, and TikTok.

Overall, the partnership between Aviva Investors and Jellyfish has proven to be a winning combination, with their collaborative efforts resulting in impressive outcomes and industry recognition. Their innovative strategies, focus on user experience, and commitment to delivering outstanding results have truly set them apart in the competitive landscape.

Continuing to push boundaries and drive innovation, Aviva Investors and Jellyfish are poised to achieve even greater success in the future, solidifying their position as leaders in the industry.

Conclusion

Aviva’s successful marketing strategy, driven by their commitment to expanding into specialty insurance and reinsurance sectors, has positioned them as a market leader. Through their digital marketing efforts and customer engagement initiatives, Aviva has built a strong market presence and offered comprehensive solutions to their diverse customer base.

By leveraging Lloyd’s global licensing network and underwriting capabilities, Aviva’s recent acquisition into the Lloyd’s market is expected to catalyze growth and foster innovation within the company. This strategic move highlights Aviva’s ambition for growth and belief in the value of the market.

With a significant portion of their profits coming from the Life business, Aviva’s focus on continuously improving returns while diversifying their business has been crucial. The company’s asset management arm has demonstrated impressive profits, and the potential spin-off values for the General Insurance (GI) business and Aviva Investors further showcase their strategic approach.

Overall, Aviva’s marketing strategy, alongside their investments in digital transformation, has allowed them to navigate the challenges presented by the Covid pandemic and adapt to shifting consumer behaviors. As they continue to operate in various areas of financial services, Aviva remains committed to understanding their market, competition, and industry contexts to shape their branding efforts and seize growth opportunities.